Happy Forgings Limited

NSE: HAPPYFORGE · Capital Goods

₹1,694.50-10.00%06 Nov 2026

Ask the data

Instant answers about Happy Forgings Limited — computed from its filings, no language model

Market cap₹15,996 cr

Current price₹1,694.50

High / Low₹2,420 / ₹994

P/E174.9

P/B7.00

Book value₹242.1

ROE4.0%

ROCE17.1%

Debt / equity0.23

Dividend yield0.18%

EPS (TTM)₹9.69

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY24	FY25	FY26
Revenue	1,358	1,409	1,546
EBITDA	388	407	471
Operating margin	28.5%	28.9%	30.4%
Interest	12	8	10
Depreciation	65	77	89
Profit before tax	324	360	402
Tax	81	92	100
Net profit	243	0	0
EPS ₹	26.78	28.39	31.99
Operating cash flow	189	292	445
Capex	194	281	461
Dividend paid	12	38	28
Total assets	1,886	2,215	2,633
Equity	1,612	1,850	2,128

Quarterly performance

last 11 quarters · ₹ crore

showing latest 8 of 11 periods

	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	343	341	361	354	352	354	377	391	424	449	501
Operating profit	97	98	105	101	102	101	116	120	133	141	153
Operating margin	28.3%	28.6%	29.2%	28.6%	29.1%	28.6%	30.7%	30.8%	31.5%	31.3%	30.6%
Other income	7	8	13	7	10	10	6	8	6	11	8
Interest	1	1	2	2	2	2	2	2	4	3	3
Depreciation	16	18	20	19	20	21	22	22	25	26	28
Profit before tax	87	86	97	87	90	89	99	104	111	123	131
Tax	22	22	26	22	22	23	25	25	28	31	33
Net profit	66	64	71	65	0	66	73	0	0	91	0
EPS ₹	7.25	6.77	7.58	6.85	7.18	6.97	7.79	8.37	8.86	9.70	10.32
Revenue YoY	—	—	—	—	2.5%	3.6%	4.5%	10.4%	20.4%	27.0%	32.7%
Profit YoY	—	—	—	—	-100.0%	3.0%	2.9%	-100.0%	—	39.2%	-100.0%

Earlier results (standalone, Dec '23 – Dec '23)

₹ crore · from BSE, before the NSE XBRL filings begin

Happy Forgings Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Quarters

	DEC '23†
Revenue	342
Operating profit	95
Operating margin	27.8%
Other income	3
Interest	4
Depreciation	17
Profit before tax	78
Tax	20
Net profit	58
EPS ₹	6.15

Returns & margins

trailing-twelve-month, per quarter

	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	15.5%	10.8%	10.9%	10.4%	7.1%	6.5%	7.7%	4.0%
ROCE	19.5%	17.7%	17.8%	17.3%	18.1%	16.8%	18.2%	17.1%
Net margin	19.0%	14.2%	14.2%	14.2%	9.4%	9.0%	10.0%	5.2%
EBITDA margin	28.7%	28.9%	28.9%	29.3%	29.8%	30.4%	31.1%	31.0%
Debt / equity	0.09	0.12	0.12	0.10	0.10	0.15	0.15	0.23
Interest coverage	61.05	48.67	43.77	42.37	42.81	39.43	39.86	39.05
Asset turnover	0.69	0.64	0.64	0.62	0.64	0.59	0.62	0.58

Balance sheet

equity vs borrowings over time · ₹ crore

	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	19	19	19	19	19	19
Other equity / reserves	1,594	1,692	1,831	1,940	2,109	2,266
Total equity	1,612	1,711	1,850	1,959	2,128	2,285
Borrowings	143	149	228	193	330	529
Current liabilities	242	275	326	301	456	590
Non-current liabilities	32	34	39	40	49	169
Total assets	1,886	2,020	2,215	2,301	2,633	3,044
Property, plant & equipment	742	884	900	934	1,097	1,241
Capital work-in-progress	122	69	116	226	229	370
Investments	0	0	80	85	237	156
Inventories	224	248	232	225	233	235
Receivables	357	406	427	380	395	488
Cash & equivalents	1	3	13	14	26	15

Cash flow

annual · ₹ crore · line = free cash flow

	FY24	FY25	FY26
Cash from operations	189	292	445
Cash from investing	-469	-320	-497
Cash from financing	281	40	65
Capex	194	281	461
Free cash flow	-5	11	-17
Dividends paid	12	38	28

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹1,241 cr41%

CWIP

₹370 cr12%

Investments

₹156 cr5%

Inventories

₹235 cr8%

Receivables

₹488 cr16%

Cash & equivalents

₹15 cr0%

Other assets

₹540 cr18%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Happy Forgings Limited	15,996	1,694.50	174.9	7.00	4.0%

StoxGud checklist: Neutral setup · 5/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-12.4%

6 months+20.0%

1 year+65.7%

3Y CAGR—

5Y CAGR—

10Y CAGR—

50-day avg₹2,024.03

200-day avg₹1,572.76

RSI (14)35

FAQs

What is the share price of Happy Forgings Limited?

Happy Forgings Limited (HAPPYFORGE) closed at ₹1,694.50 on NSE on 06 Nov 2026.

What is the market cap of Happy Forgings Limited?

₹15,996 crore at the latest close.

What is the P/E ratio of Happy Forgings Limited?

174.9, on trailing-twelve-month earnings from its filings.

How fast is Happy Forgings Limited growing?

Happy Forgings Limited: Latest-quarter revenue is up 32.7% year on year, profit down 100.0%.

How profitable is Happy Forgings Limited?

On a trailing-twelve-month basis return on equity is 4.0%, return on capital employed 17.1%, operating margin 31.0%, net margin 5.2%.

How much debt does Happy Forgings Limited have?

Happy Forgings Limited is lightly geared: debt to equity is 0.23 with borrowings of ₹529 cr against cash of ₹15 cr (balance sheet of 2026-09-30). Operating profit covers interest 39.0 times.

Financials parsed from Happy Forgings Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '24, annual from FY24, balance sheet from Mar '24. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.